Exploring the interesting facts and statistics about the Blockchain Technology

The technology will have the most significant impact in the coming decades, not by social media or AI or big data but the underlying technology of digital currencies like bitcoin.

What is Blockchain?

Blockchain, as the name specifies, is a chain of blocks that contain information.

What was the actual intention of introducing Blockchain?

Way back in 1991, when it came into play, it was for to time-stamp digital documents from refraining them to be backdated. It was also used to avoid any tampering of the papers. But it went unused till 2009.

After 2009, how it came into the picture and gained attention?

In 2009, it was adapted by Satoshi Nakamoto to create the Digital Cryptocurrency- Bitcoin. The issues marked in the current banking system:

Banks charge substantial transaction fees.

Fake currencies create the problem of double spending

Longtime involvement in banking.

Bank can collapse anytime such as the 2008 financial crisis.

Digital wallets such as Paytm, Citrus, etc. solve these issues but still are dependent on banks.

“With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.”

– Satoshi Nakamoto

Facts and Fictions about Blockchain:

Before strolling towards the facts and fictions of the Blockchain, let us first take a short tour of how blockchain works.

So since you got an idea about how a blockchain works, let us march towards its facts.

Blockchain keep record of transactions as ledgers. In the case of Bitcoins, Blockchain records financial transactions between parties.

The Blockchain is decentralized meaning no one is in charge of it.

Microsoft and Accenture have teamed up to create a prototype Id system for the United Nations aiming to provide legal identification to more than 1 billion people in the world. It will be beneficial to refugees who have left their homes without any documentation.

Only 13% of the senior IT companies talk about their plans of investing in blockchain as per IDG Connect.

American Express is using a technology created by Ripple that facilitates money transfer with good pace and instantaneous.

Walmart is using blockchain technology with the help of IBM, to determine where mangoes, berries come from so that they can quickly get the origin of bad food on recall. If they could achieve in 2 seconds as compared to week’s result under their current system.

The Internet of Things(IoT) can thrive using blockchain technologies.

The blockchain market is elevating with good pace globally. In 2015 it was worth $317 million but was expected to grow to $20 billion by 2024 according to Transparency Market Research.

According to Capgemini, educational institutions are more bending towards blockchain technology for avoiding certificate fraudulent as well as for record-keeping needs of students.

Properties of Blockchain:

A distributed ledger that is open to anyone.

Once you record the data inside a blockchain, it becomes challenging to change it.

There is a cryptographic protection in Blockchain

All entries are public and widely accessible.

You can restrict the accessfor banking sectors.

The developers can achieve the untraceable feature of created cryptocurrencies with scrambled transactions that are difficult to trace.

Loan Providers, Organization Management platforms based on Blockchain and many more.

Conclusion:

Blockchain grants the complete authority to users to have control over their data. It eliminates the need for dependency on a third party for their transactions and data. Any Blockchain Development Companynot only provides transparency but also provides efficiency and verifiability.

I have tried to cover all the important points in blockchain technology. If I have missed out any points, facts or figures do comment in the box below.

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